Interim Management Statement

Martin Currie Portfolio Investment Trust plc Interim Management Statement For period from 1 August 2007 to 31 October 2007 Profile Objective - To achieve long-term capital growth by investing in a diversified portfolio of UK and international stockmarkets. Benchmark - FTSE All-Share index Sector - Global growth Launch - 1999 Portfolio Asset class 31 Jul 31 Oct Equities 104.4% 102.6% Cash 0.4% 1.5% Borrowings (4.8%) (4.1%) Equity allocation 31 Jul 31 Oct United Kingdom 55.8% 54.9% North America 12.1% 12.0% Continental Europe 9.5% 8.8% Pacific Basin 6.7% 6.9% Japan 2.0% 2.6% Private equity 13.9% 14.7% Top 10 equity holdings (47.7% of total portfolio) F&C Private Equity Trust 12.5% BP 5.8% Vodafone 5.3% HSBC 5.3% BHP Billiton 4.3% GlaxoSmithKline 3.7% BG 3.2% Royal Bank of Scotland 2.9% Anglo American 2.4% Royal Dutch Shell 2.3% Number of countries 17 Number of holdings 58 Key facts Net assets - £214 million Share price - 136.3p Net asset value per share - 149.8p Discount/(premium) - 9.0% Net yield - 1.8% Manager's commentary As the sub-prime crisis unfolded, global markets saw huge volatility in August before recovering thereafter. Emerging markets outperformed their developed counterparts. Buoyed by hopes of massive inflows from the Chinese mainland, Hong Kong's stockmarkets were among the world's leaders. Japan lagged dramatically and Europe slightly. Thanks to a weak dollar, North America also underperformed. The UK market recovered from its August lows, but the banking sector remained beleaguered, with speculation over dividend sustainability and ongoing liquidity concerns. The Martin Currie Portfolio enjoyed strong outperformance from all three asset classes, with our private equity portfolio the star performer. In overseas equities, we enjoyed notable returns from Asian stocks such as China Mobile, New World Development and Indonesia's PT Astra. In the UK, our underweight in the banking sector boosted relative performance. Looking forward, we believe that global economic growth will remain sound, despite the nervousness that still abounds. Tom Walker Performance* Discrete performance over 12 months to 31 October 2007 2006 2005 2004 2003 Share Price 21.3% 21.0% 21.2% 14.0% 21.5% NAV 22.8% 20.9% 23.7% 12.8% 16.8% Benchmark 13.6% 21.7% 19.8% 11.6% 13.6% Cumulative performance over periods to 31 October 2007 One Three Six One Three Five month months months year years years Share Price 5.6% 10.5% 13.1% 21.3% 77.9% 146.4% NAV 6.3% 9.8% 13.1% 22.8% 83.7% 141.9% Benchmark 4.3% 6.0% 4.6% 13.6% 65.6% 110.0% *Past performance is not a guide to future returns. Source: Martin Currie and Fundamental Data. Bid to bid basis with net income reinvested over the periods shown in sterling terms. These figures do not include the costs of buying and selling shares in an investment trust. If these were included, performance figures would be reduced. Although Martin Currie complies with the Global Investment Performance Standards (GIPS), the fund returns used in this document are calculated on the net asset value and therefore fall outside the scope of the GIPS standards. The risks outlined at the end of this document relating to gearing, emerging markets and exchange rate movements are particularly relevant to this trust but should be read in conjunction with all warnings and comments given. All sources (unless indicated): Martin Currie as at 31 October 2007 Capital structure Ordinary shares - 142,917,915 Board of directors Peter Berry (chairman) Douglas Kinloch Anderson Ian Bodie Gillian Nott David Kidd Ben Thomson Manager's biography Tom Walker spent six years with Edinburgh Fund Managers. Initially covering the UK and other European markets, he went on to specialise in Asia (ex Japan) and became head of that team in 1991. Tom moved to Hong Kong in 1993 with Baring Asset Management (Asia). Focusing on Greater China, he managed the Greater China Fund Inc and Baring's Hong Kong Fund. He joined Martin Currie as head of the Pacific Basin team in 1996, and moved to head the North America team in 1998. He also manages Martin Currie North American Fund. Key dates Year end - 31 January Annual general meeting - May Final dividend paid - June Interim dividend paid - October Management fee and expenses at 31 January 2007 Annual management fee† - 0.5% Total expense ratio* - 0.9% †Percentage of net assets. *Percentage of shareholders' funds. Includes annual management and performance fees. Dealing information Epic code MNP Reuters code MNP.L Website The trust has its own website at www.martincurrieportfolio.com. There you will find further details about the trust, information on Martin Currie, daily share prices, and you can access regular webcasts by the manager. Net asset value and dividend history As at Share NAV Discount/ Dividend 31 January price per share (premium) per share 2000 89.5p 110.0p 18.6% 1.42p 2001 101.0p 115.7p 12.7% 1.47p 2002 80.5p 89.9p 10.5% 1.50p 2003 57.8p 65.1p 11.2% 1.55p 2004 79.0p 83.0p 4.8% 1.87p 2005 85.0p 91.5p 7.1% 1.99p* 2006 109.0p 116.9p 6.8% 2.20p 2007 117.3p 127.5p 8.0% 2.40p *Plus special dividend of 1.61p. Past performance is not a guide to future returns. www.martincurrieportfolio.com Risk factors Please note that, as the shares in investment trusts are traded on a stockmarket, the share price will fluctuate in accordance with supply and demand and may not reflect the underlying net asset value of the shares. Depending on market conditions and market sentiment, the spread between the purchase and sale price can be wide. As with all stock exchange investments the value of investment trust shares purchases will immediately fall by the difference between the buying and selling prices, the bid-offer spread. Investment trusts may also borrow money in order to make further investments. This is known as "gearing" and can enhance shareholder returns in rising markets but, conversely, can reduce them in falling markets. Past performance is not a guide to future returns. The value of investments and the income from them may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested. Changes in the rates of exchange may cause the value of investments to go up or down. The trust invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. In some circumstances the underlying investments may become illiquid which may constrain the investment manager's ability to realise some or all of the portfolio. The registration and settlement arrangements in emerging markets may be less developed than in more mature markets so the operational risks of investing are higher. Political risks and adverse economic circumstances are more likely to arise putting the value of your investment at risk. Charges are deducted from income and where income is low, the expenses may exceed the total income received and the Trust may not pay a dividend and the capital value would be reduced. Funds which invest in smaller and/or medium sized companies are specialist funds and as such are likely to carry higher risks than a more widely invested fund. Important notice: This information is issued and approved by Martin Currie Investment Management Ltd in its capacity as investment manager. It does not in any way constitute investment advice or an invitation or inducement to invest. This document is for the recipient only and should not be given or sent to other parties. Martin Currie Investment Management Ltd, registered in Scotland (no 66107) Registered office: Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: 0808 100 21 25 Fax: 0131 222 2532 www.martincurrie.com Authorised and regulated by the Financial Services Authority and a member of the Investment Management Association. Please note that calls to the above number will be recorded.

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